The cost of living is skyrocketing, and many employees are finding it hard to make ends meet. With the price of essential goods and services, including groceries, on the rise, employees are struggling to maintain a comfortable standard of living. As a result, many employers are beginning to recognise the importance of helping their employees with the cost of living, especially when it comes to groceries, where we have seen the highest food inflation for over 40 years.
First and foremost, helping employees with the cost of living is simply the right thing to do. Many employees are living paycheck to paycheck, and the rising cost of living only adds to their financial struggles. By providing financial assistance to employees, employers can make a significant difference in their quality of life. This assistance also shows a commitment to the well-being of employees, which can boost employee morale and loyalty.
When employees are constantly worried about their financial well-being, it can be tough for them to focus on their work. By providing assistance with the cost of living, employers can reduce this financial stress and increase employee productivity, which ultimately benefits the company as a whole.
Providing assistance with the cost of living can also be a valuable recruitment and retention tool for employers. In today's competitive job market, employees have more options than ever before. By offering financial assistance, including help with groceries, employers can differentiate themselves from the competition and attract top talent. Similarly, by demonstrating a commitment to employee well-being, employers can increase employee retention rates and reduce turnover costs.
There are several compelling reasons why employers should consider providing assistance to employees when it comes to purchasing groceries. Groceries are an essential expense that all employees must contend with, and there are few avenues for reducing the cost. As a result, employees may struggle to make ends meet, especially low-income employees who may be forced to choose between food and other necessary expenses.
By providing assistance with groceries, employers can help reduce financial burdens and support their employees meet their basic needs. Furthermore, providing assistance with groceries can be a cost-effective and straightforward way for employers to support their employees. Employers can choose from various options, including an allowance, discounts, and enabling employees to give up part of their salary in return for groceries to take advantage of NI savings.
In a nutshell, helping employees with their cost of living, particularly with groceries, is a wise move for employers. It shows that they care about their employees' well-being, which reduces financial stress and increases productivity. Moreover, it can provide an edge in the competitive job market. Groceries are a vital expense, and for employees who are struggling financially, it can be a real challenge to make ends meet. Employers who prioritise their employees' financial health will undoubtedly see benefits for both their organisation and their workforce.
Tendr is an employee benefits platform that offers a grocery salary sacrifice scheme, allowing employees to save 12% on the cost of their groceries through salary sacrifice. To learn more about Tendr's salary sacrifice benefit, click here.
